Applicant, a co-owner jointly mortgaging property with her husband, secured release of documents by undertaking to indemnify the bank against claims by the co-borrower, conditional on account closure.
Documents to be released subject to applicant's undertaking of indemnity and closure of account.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 29
Case No.SA/759/2024
SHALU GARG Vs ICICI BANK LIMITED
Date: 10.09.2025.
Proceedings through hybrid mode
Present:
Shri Anis Ahmed, Counsel for the Applicant
Shri Jitendra Choudhary, Counsel for the Respondent Bank/FI
In this matter, the property mortgaged is a joint property of husband and wife. Counsel for the applicant submits that they have got a decree of Civil Court in their favor, therefore, the documents should be released in their favor.
Counsel for the bank submits that if the account gets closed, they can release the documents as per orders of the Court because they were no party before the Civil Court.
Be that it may be, the co-owner was party before the Civil Court, therefore, the Tribunal deemed it fit that if the applicant herein gives an undertaking indemnity to indemnify the bank in case any claim is raised on them by co-borrower, then the bank will be at liberty to release the documents in the favor of the applicant subject to account getting close.
In view of the above, this Securitization Application stands disposed of. File be consigned to record, as per rules. Copy of order be uploaded on website
(Vimal Gupta) Presiding Officer
Debts Recovery Tribunal, Jaipur
1 issue framed by the court
Whether the banking company could release mortgage documents to the applicant co-owner pending closure of the account subject to an undertaking of indemnity by the applicant.
SHALU GARG
ICICI BANK LIMITED
Vimal Gupta
As recorded by the court registry
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